Digitisation is a driver of all domains in business, and HR and international payroll management systems are no exceptions. As new technology is implemented in these fields, increased automation and changes in job roles can be expected.
On top of this, new positions, the creation of which have previously been hindered by a lack of technology, will be introduced in organisations.
Such solutions will in the future enable increased efficiency, and the result will not necessarily be organisations with fewer staff, but rather with increased profit generated. All upcoming tech leaps which beckon on the horizon are nevertheless reliant on your digitisation today.
In this blog, Internago offers a few thoughts on such developments, and provides some advice on actions your organisation can take today to future-proof your global payroll management operations.
Digitisation frees up time for growth
Human interaction is still necessary to guide payroll systems in a correct way. This is particularly true for international payroll. However, work hours can already today be minimised, particularly if your organisation is running a traditional payroll based on internal working documents, spreadsheets and the likes.
As you instead digitise your payroll management structure, the logical move is to simultaneously outsource its operations, at least in international markets where your in-house competence may be lacking with regards to local regulations. Enabling global payroll services for your company opens up new opportunities for growth in a way more concrete than most others.
With this move, your HR professionals can minimise the time they spend on payroll compliance, and focus on positive, growth-bringing activities such as employer branding, etc.
As your organisation evolves, your HR will likely be able to continue in this spirit. Future alignment with new aspects of payroll compliance is already assured, thanks to digitisation and outsourcing.
Riding the wave of disruption
With the above measures, your domestic and international payroll will also be able to be powered by AI and machine learning - a set of technologies that are already being incrementally introduced into the field payroll management.
As this occurs, the time and cost saving measures that digitisation provided in the past will seem like small potatoes. What’s more, the growth-bringing aspect of an increasingly automated payroll management system will also be made apparent. An organisationally and financially efficient company, with reliable support functions that inspire trust in employees, has more opportunities to invest in positive activities such as research and development. An estimate by PwC notes that AI may contribute USD 15.7 bn to global GDP by 2030.
Through international payroll outsourcing the aspects that cannot yet be automated are still covered by specialists that remain à jour with local developments. At the same time, this means that the market’s most advanced software will power your company’s payroll, meaning that your organisation stays on par with innovation, effectively allowing you to ride the wave of new disruptive technologies: an obvious advantage vis-à-vis your competitors.
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Please note that this blog post only gives an overview and provides some introductory examples to payroll. In practice, there are more detailed aspects to consider, which is why this blog post should only be seen as a general guide. For a more in-depth discussion, do not hesitate to contact us at firstname.lastname@example.org